CONTRACT OF LEASE

This Contract of Lease (“Contract”), signed and executed this ___________ in the City of
Mandaluyong Philippines by and between;

NEIL ANGELO C. HALCON of legal age, Filipino and with address

at 49 Pelican Avenue St. Francis Subdivision Brgy. Pandayan
Meycauayan City, Bulacan, hereinafter referred to as the “LESSOR”;

AND

THALIA ANN KIKILAT, of legal age, Filipino and with permanent

address at Dettifoss Acqua Residences Mandaluyong City and
MARIA FE N. REPALDA of legal age, Filipino and with address at
2204 P. DANDAN STREET, BRGY. 54, PASAY CITY, hereinafter
collectively referred to as the “LESSEE”;

RECITALS

WHEREAS, the LESSOR is the legal and absolute owner of a condominium unit
specifically described as follows:
Project: Avida Centera Tower 2
Unit No.: 1108
Unit Type: Studio Type
Location of Unit: EDSA cor. Williams St.,
Brgy. Highway Hills, Mandaluyong City
Approximate Floor Area: 24 square meters

Hereinafter referred to as the “LEASED PREMISES”;

WHEREAS, the LESSEE desires to occupy the LEASED PREMISES and the LESSOR is
willing to lease the same to the LESSEE, subject to the terms and conditions stated in this Contract.

NOW, THEREFORE, for and in consideration of the foregoing premises, the parties agree
as follows:

1. TERM OF LEASE

This lease shall be for a period of at least one (1) year, commencing on August 8, 2019 and
ending on August 7, 2020, renewable upon mutual agreement of the parties, provided
that the LESSEE shall have faithfully complied with all the terms and conditions of this
Contract and subject to the Pre-Termination Clause below.

2. RENTAL RATE

The parties agree that the monthly rental for the LEASED PREMISES shall be Philippine
Peso: Fifteen Thousand Pesos (Php 15,000.00) per month, inclusive of the LESSEE’s
share in the condominium dues and exclusive of value-added tax (VAT) and
appropriate withholding tax.

3. MANNER OF PAYMENT

Upon signing of this Contract, the LESSEE shall pay to the LESSOR the following
amounts:

a. Security Deposit

An amount equivalent to two (2) months rental of Philippine Peso: Thirty Thousand
Pesos (Php 30,000.00), as Security Deposit to guarantee the faithful compliance by the
LESSEE of all the terms and conditions in this Contract, to answer for any obligation that
may remain unpaid at the termination or expiration of this Contract, such as but not
limited to utility bills and other liabilities, as well as any damage on the LEASED
PREMISES due to the LESSEE’s fault or negligence. Payment for such obligations shall
be deducted from this deposit and the balance, if any, shall be refunded to the LESSEE. If
the LESSEE vacates the premises before the expiration of the term of the lease, unless
because of the pre-termination of the Contract by the LESSOR, the total amount of the
Security Deposit shall be forfeited in favor of the LESSOR.

b. Advance Deposit

An amount equivalent to one (1) month rental Philippine Peso: Fifteen Thousand Pesos
(Php 15,000.00), as and by way of Advance Rental representing the period of August 8 to
September 7, 2019.

c. Monthly Rental

Eleven (11) post-dated checks (“PDCs”) representing the remaining monthly rentals from
September 8, 2019 to July 8, 2020, OR, through Auto-Debit Arrangement (“ADA”) with
Banco De Oro, Bank of the Philippine Islands, or any reputable bank in the Philippines as
may be agreed upon by the parties. The LESSEE shall deliver the 11 post-dated checks
or secure approval of the ADA from the bank, as the case may be, on or before August
30, 2019. Failure to do so shall be considered as a material breach of this agreement and
shall cause the automatic termination of this contract as well as the forfeiture of the
Security Deposit in favor of the LESSOR.

4. UTILITIES

Monthly electricity and water consumption, as well as subscription and monthly charges
for telephone, cable and internet services, if any, on the LEASED PREMISES shall be for
the account of the LESSEE. The LESSOR shall be responsible for the payment for
association dues, part of which shall come from the fixed monthly rental specified above.
It is understood that the LESSOR and the LESSEE share jointly in the association dues.

5. USE OF THE PREMISES

The Leased Premises shall be used exclusively for RESIDENTIAL purposes of the
LESSEE and shall not in any way be used for commercial or industrial enterprises, as well
as any illegal or unlawful activity.

6. IMPROVEMENTS

The LESSEE shall not make any alteration, structural changes or improvements in
the LEASED PREMISES without the prior written consent of the LESSOR. Upon
termination of the lease, the LESSEE shall, at its sole expense, restore the LEASED
PREMISES to its original state existing at the commencement of the lease.

Any remaining alteration, addition or improvement permitted to be undertaken on the

LEASED PREMISES shall automatically become the property of the LESSOR upon
termination of the lease without any right on the part of the LESSEE for reimbursement
of the cost. The LESSEE’s contractor shall be required to effect and maintain a
performance bond in favor of the LESSOR from a bonding company acceptable to the
LESSOR to secure the completion of such alteration, addition or improvement in
accordance with plans approved by the LESSOR and the Corporation. Without prejudice
to the foregoing, the LESSEE shall have the right to introduce furniture, appliances,
movable improvements, which may be removed from the LEASED PREMISES without
causing damage thereon, at the end of the lease. If any damage is caused by the removal
of such movable effects, the LESSOR shall charge such costs incurred by the damage
against the Security Deposit. If the Security Deposit is insufficient, the LESSEE shall have
the obligation to reimburse the LESSOR for any excess cost that the latter may incur to
restore the condition of the LEASED PREMISES.

Upon the expiration of this Contract or any extension thereof, the LESSEE undertakes to
vacate and surrender to the LESSOR the LEASED PREMISES, without need of demand
or judicial action, peacefully and in the same good, clean and tenantable condition as
when first occupied, ordinary wear and tear excepted with the complete set of keys.
7. MAINTENANCE OF THE LEASED PREMISES

The LESSEE shall, at its sole expense, always maintain the LEASED PREMISES in clean
and sanitary condition, free from noxious odors, disturbing noises or other nuisances.
LESSEE shall not drive nails, screws, hooks or other abutments on or into the walls, frames
or other portions of the LEASED PREMISES, or in any manner deface or damage any part
thereof. Any injury or damage caused or done by LESSEE may be repaired by LESSOR
for the sole account of LESSEE.

LESSEE shall not bring and store in the LEASED PREMISES anything of highly flammable
or explosive nature or material, any apparatus, machinery or equipment which may cause
obnoxious odor, tremors or noise or other articles which may expose the LEASED
PREMISES to fire or increase the fire hazard and/or insurance rate of the building and/or
the LEASED PREMISES. LESSEE shall be solely responsible for all damages which may
be caused by its violation of this section or may be reasonably attributed thereto, including
any increase in insurance premiums on the building and/or the LEASED PREMISES. In
addition, LESSOR shall have the right to immediately cancel or terminate this Contract
upon the occurrence of a violation of the LESSEE’s obligation under this section.

8. RULES AND REGULATIONS

The LESSEE binds himself to comply with the existing House Rules and Regulations
promulgated by the building administrator and/or the Corporation, made an integral
part hereof, including any subsequent amendments thereto or other rules issued by the
building administrator and/or the Corporation, as well as any other environmental or
other laws, ordinances, rules and regulations applicable to the LEASED PREMISES.

9. TAXES

The LESSOR shall be solely responsible for all assessments, taxes and other charges which
are or maybe levied against the LEASED PREMISES.

10. FORCE MAJEURE/SUBSTANTIAL DAMAGE TO THE PREMISES

If a substantial portion of the LEASED PREMISES is completely destroyed by fire,

typhoon, earthquake or any natural calamities as to make the entire LEASED PREMISES
uninhabitable, without the fault or negligence of the LESSEE, its agents, guests, or any of
his family members, either party may demand for the rescission of this Contract. In such
case, the Security Deposit shall be refunded to the LESSEE without interest less any
unpaid dues for water, gas, electricity, telephone, garbage fees, association dues and any
other outstanding accounts of the LESSEE to the Corporation, and any unapplied
Advance Rentals paid by the LESSEE shall be returned or refunded without interest to the
LESSEE. Nothing in this paragraph shall exempt the LESSEE from liability to the LESSOR,
or to any third party, for any damage resulting from the fault or negligence of the LESSEE,
its agents, guests, or his family members.

11. PRE-TERMINATION CLAUSE

The LESSEE is aware that the LEASED PREMISES is open for sale even during the TERM
OF LEASE. The LESSOR may pre-terminate this Contract by giving thirty (30) day prior
written notice to the LESSEE that the unit has been sold to a buyer, indicating the date of
termination of the lease. On or before the date of termination, the LESSEE shall peacefully
vacate the LEASED PREMISES and surrender possession of it to the LESSOR, without
need of demand or judicial action. Should the LESSEE fail or refuse to vacate the LEASED
PREMISES at termination date, the LESSOR shall have the right to exercise its rights under
Section 17 (b) below.

In such cases of pre-termination, the LESSOR may, but is not obliged to, transfer the
LESSEE to another unit similar in type and condition to the LEASED PREMISES under
the same terms and conditions in this Contract. The Parties may also agree on an available
unit in the LESSOR’s existing inventory, subject to terms and conditions that they shall
mutually agree on.
In case the buyer of the property agrees, the LESSEE may also continue leasing the
LEASED PREMISES from said buyer under the same terms and conditions in this Contract
or under terms and conditions that the buyer and LESSEE shall mutually agree on.

12. PENALTY CHARGES

The LESSEE agrees to pay the LESSOR a penalty on any amount due under this Contract,
which remains unpaid on the due date thereof at the rate of two percent (2%) per month,
compounded monthly, to be computed from the date of delinquency until such amount
is paid in full. A fraction of a month shall be considered as one (1) month for purposes of
computing said penalty.

13. ASSIGNMENT AND SUB-LEASE

The LESSEE shall neither assign nor transfer its rights, interest and obligations under this
Contract, nor sub-lease the LEASED PREMISES or any portion thereof to any person or
entity, without the prior written consent of the LESSOR.

14. DISPOSAL OF PROPERTY

In case the LESSOR should sell the LEASED PREMISES during the term of the Contract,
the LESSEE shall have a right of first refusal to purchase the LEASED PREMISES for the
same price and under the same terms and conditions offered to any person.

15. NON-WAIVER

Failure or delay of either party to insist on the strict performance by the other party of any
stipulation or condition in this Contract and/or exercise of any right or option herein shall
not be construed as an abandonment, withdrawal, waiver or cancellation of such
conditions, stipulation, right or option.

16. AMENDMENT OF CONTRACT

Any amendment to this Contract shall be made in writing and signed by both parties for
such amendment to be valid and effective.

17. REMEDIES FOR BREACH

Should the LESSEE violate any of the terms and conditions of this Contract, the LESSOR
may, in addition to any other remedies or recourse prescribed by law, pursue any or all
of the following remedies, simultaneously or successively, as follows:

(a) To immediately terminate this Contract by serving a notice of termination upon the
LESSEE;

(b) To immediately repossess the LEASED PREMISES without need of judicial action.
Upon five (5) days written notice to the LESSEE or in his absence, upon written notice
posted at the entrance of the LEASED PREMISES, the LESSOR shall have the right to enter
and take possession of the said premises, holding in its trust and custody, subject to the
LESSOR’s right to additional security stipulated below, such possessions and belongings
of the LESSEE found therein after an inventory of the same in the presence of a witness,
all these acts being hereby agreed to by the LESSEE as tantamount to his voluntary
vacation of the leased premises without the necessity of suit in court.

In this connection, the LESSEE hereby names, constitutes, and appoints the LESSOR, its
authorized agents, and/or representatives, as its attorney-in-fact, with full power and
authority to open, break-open, padlock, enter, occupy, secure, clean up, make repairs,
remove the furniture or appliances left in the LEASED PREMISES and to take such other
steps and employ such other means to enable the LESSOR to take full and complete
physical possession and control of the LEASED PREMISES, barring the LESSEE from
entering the LEASED PREMISES. The LESSEE hereby expressly stipulates and agrees that
any or all acts done or performed by the LESSOR, its authorized agents, and/or
 representatives under this stipulation may not be the subject of any petition for a
temporary restraining order or writ of preliminary injunction or mandatory injunction in
court, and that the LESSOR and/or its authorized agents, employees, or representatives
will be free and harmless from any civil and/or criminal liability or responsibility
therefor.

The LESSEE’s furniture, fixtures, and other equipment contained within the LEASED
PREMISES upon the repossession thereof by the LESSOR shall automatically serve as
additional security for its unpaid obligations. If after fifteen (15) days from the date the
LESSOR shall have taken possession of the aforesaid furniture, fixtures, and equipment
by way of security, the LESSEE still fails to pay or settle its unpaid obligations to the
LESSOR, the LESSEE hereby irrevocably appoints the LESSOR as its Attorney-in-Fact to
sell by way of public or private sale any or all the LESSEE’s furniture, fixtures, and
equipment as may be sufficient to pay his outstanding obligations. If the sale proceeds
prove to be inadequate to fully settle the unpaid obligations of the LESSEE, the LESSEE
shall remain liable to the LESSOR and shall settle the remaining balance plus accrued
interests and attorney's fee equivalent to 25% of the total amount due and unpaid. All
expenses that may be incurred in the sale shall be for the account of the LESSEE.

Should the LESSEE have no unpaid obligation at the time of repossession of the LEASED
PREMISES or in case the proceeds of the sale of any of the aforesaid properties be
sufficient to pay or settle all of the unpaid obligations of the LESSEE, the LESSEE may get
back its other properties not sold by the LESSOR. However, after thirty (30) days from
written notice of the LESSOR directed to the last known address of the LESSEE and the
LESSEE still fails to claim these back, said properties shall then be deemed abandoned in
favor of the LESSOR; and

(c) To automatically forfeit the Security Deposit in its favor.

18. LITIGATION

In the event the LESSOR is compelled to seek judicial relief against the LESSEE in order
to enforce any or all of its rights under this Contract, the LESSEE, in addition to any other
damages that may be awarded by the Court, hereby agrees to pay an amount equivalent
to twenty-five (25%) percent of the amount claimed but in no case less than P50,000.00, as
and by way of attorney’s fees, aside from the costs of litigation and other expenses which
the law entitles the offended party to recover from the offending party.

19. VENUE

All court actions arising from this Contract shall be filed only in the proper
courts of Mandaluyong, to the exclusion of all other venues.

IN WITNESS WHEREOF, we have hereunto set our hands this ______________________ in the
City of Mandaluyong , Philippines.

NEIL ANGELO C. HALCON THALIA ANN KIKILAT

MARIA FE N. REPALDA

LESSOR LESSEE

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES]

________________CITY ]S.S.
 BEFORE ME, on ________________ at __________ City, personally appeared the following
exhibiting their Passport as follows

NAME VALID ID PLACE & DATE ISSUED

NEIL ANGELO C. HALCON

THALIA ANN KIKILAT

MARIA FE N. REPALDA

Known to me and to me known to be the same persons who exhibited the foregoing instrument
and acknowledged to me that the same is free act and deed.

WITNESS MY HAND AND SEAL on the date and place first mentioned above.

NOTARY PUBLIC

Doc No. _________

Page No. ________
Book No. ________
Series of 2019.